Canadian Phoenix Resources Corp.
TSX VENTURE : CPH

Canadian Phoenix Resources Corp.

May 01, 2009 15:00 ET

Canadian Phoenix Announces New President & CEO

CALGARY, ALBERTA--(Marketwire - May 1, 2009) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

CANADIAN PHOENIX RESOURCES CORP. (TSX VENTURE:CPH) ("Canadian Phoenix" or the "Company") announces that, effective immediately, Mr. Robert J. "Bob" Chenery, P.Eng, MBA, has been appointed interim President and Chief Executive Officer, replacing Mr. Thomas Stan, who is leaving the Company for personal reasons.

A current member of the Company's board of directors and its Co-Chairman, Mr. Chenery will reprise his role as President and CEO of Canadian Phoenix, which he held from late 2006 to 2008. He has been a member of the Board of Directors of the Company for the past four years. He will be joined by certain other members of the Canadian Phoenix board of directors in taking a more active role in shepherding the Company's suite of assets during these uncertain economic times.

"Bob's familiarity with the Canadian Phoenix mandate of consolidation and the promotion of strategic partnerships in oil and gas, combined with his more than forty years of experience in the industry, will be a great help in moving the Company forward with its strategic plan" said Mr. Barry Lee, Co-Chairman of the Board.

About Canadian Phoenix

Canadian Phoenix Resources Corp. is a publicly-traded junior oil and gas exploration, development and production company with operations in Western Canada. Canadian Phoenix is pursuing a corporate strategy of being a consolidator of oil and gas assets located in the Western Canadian Sedimentary Basin. Strategic corporate acquisitions promote partnerships for the future development of acquired or targeted oil and gas assets. Canadian Phoenix's shares trade on the TSX Venture Exchange under the symbol "CPH".

ON BEHALF OF THE BOARD OF DIRECTORS OF CANADIAN PHOENIX RESOURCES CORP.

D. Barry Lee, Co-Chairman

FORWARD-LOOKING STATEMENTS Certain information set forth in this document may be considered forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond these parties' control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. The Company disclaims any intention or obligation to update or review any forward-looking statements, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Canadian Phoenix Resources Corp.
    D. Barry Lee
    Co-Chairman
    (403) 920-0040
    (403) 920-0043 (FAX)